Episode 2, The Co-operators (Canada)

18 April 2019, 3:00 pm BST

The digital mutual

#ICMIFwebinar

Episode 2,

The Co-operators (Canada)

International Cooperative and Mutual Insurance Federation

Tony D’AlessandroVice-President, Architecture, IT

Strategy & Applied Innovation

Moderator: Ben Telfer, Vice-President, Business Intelligence, ICMIF

@ICMIF_Web [email protected]

#ICMIFwebinar

The digital mutual: The Co-operators (Canada)

Digital Transformation at The Co-operators

April-2019

Tony D’Alessandro

Vice President, The Co-operators Group of Companies

Who are The Co-operators

The Co-operators Strategy

Digital Transformation at The Co-operators

Samples of our Digital Transformation Initiatives

Going Forward

23/04/2019

Table of Contents

Agenda

4

23/04/2019

The Co-operators Group, Who We Are

5

6th Largest P&C Company

by Premiums

9th Largest Life Company

by Premiums

25th Largest Pension

Manager by AUMMGA’s, Broker Operations &

Emerging Business Models

P & C Operations Life Operations Investment Management Adjacent & Emerging Businesses

As a co-operative, our 44 member-owners include co-operatives and credit union centrals representing a combined membership of millions of Canadians.

23/04/2019

The Co-operators Strategy 2019 - 2022

6

Trends

23/04/2019

Strategic Themes

7

Strategic Elements

Digital Client Engagement Principles

• Be responsive

• Be client centric

• Be collaborative

• Be data driven

• Be future driven

Digitize Auto Significantly grow Life, Wealth & Commercial

Respond to emerging unmet needs

Autonomous Vehicles

Climate Change

Bioengineering & Genetic Mapping

Changing Client Expectations

1. Know your client and their journey with you, and the broader ecosystem

2. Omni-Channel requires a strong Integration & Interactivity Fabric

3. Connect one client identity to all their data, and implement rigorous security controls to protect both

4. Build partnerships and nurture a culture that helps you build velocity

5. Digital Transformation is about how business will create client value as a digital business, RATHER THAN, having a strategy in place that adds digital to the existing business model

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Foundational Items that Drive Value for Digital Transformation

8

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Know Your Client

9

Ask Two Primary Questions:

1. What problem are we trying to solve?

2. Does solving this problem advance the client, partner, or work-force toward achieving their functional and emotional goals?

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Know Your Client

10

Client Journey Mapping

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Know Your Client

11

Creative Processes

Jobs To Be Done Design Thinking

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Omni-Channel

12

Define the scope of omni-channel

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Client Identity & Data

13

Build context with an Integration and Interactivity Fabric

Personal

Lines

Group

LinesLoan

Origination

Mobile

App

E-Apps & CRM

Systems

Multi-Line

Claims

Wealth

Management

Partners

Offerings

Integration and Interactivity Fabric

23/04/2019

Client Identity & Data

14

Personal

Lines

Group

LinesLoan

Origination

Mobile

App

E-Apps & CRM

Systems

Multi-Line

Claims

Wealth

Management

Partners

Offerings

Integration and Interactivity Fabric

Security & Identity & Access Management

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Partnerships & Culture

15

Define Problems, Not Solutions !

Long, detailed road maps

Flexible, agile approaches

X- Agile & DevOps

- Microservices

- Cloud Services & API’s

- Low Code Platforms

- Extreme Programming

- MVP’s: Test & Learn

- Build Partnerships that help you

accelerate and scale

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Partnerships & Culture

16

Use The Right Machine to Compete

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Digital Transformation

17

Founded in 2015 by 3 partners; now over 50 staff in

three countries (US, UK, Canada)

Early funding - Munich Re, Sompo, XL Innovate,

Horizon Ventures

Launched the “Insurance Cloud Platform” (ICS) in

2018

Announced partnerships with AXA XL, Progressive,

Legal & General, Nationwide as well as Co-operators

ICS platform allows carriers to quickly hypothesize,

test, launch and iterate episodic (on-demand)

insurance products

Continue to evolve AI, machine learning and

behavioural science research that allows signals and

events to create a better digital customer experience

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18

DUUO Video

The sweet spot


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20

1. Attract first time homebuyers to credit unions to increase membership

2. Drive leads to Co-operators for insurance needs

3. Carve a niche as a thought leader/trusted advisor in the home buying journey

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21

Environmental Profile & Home

Insurance

User Onboarding

Neighbourhood

Profile

Home Mortgage &

Legal Closing

Home/ Neighourhood

Value & Trends

DIY Home Inspection/

Repair & Restore

Digital Ecosystem powering Home To Be

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Virtual Advisor Assistant

22

Curr

en

t

Advisor Call Centre Rep Authenticate Service Caller

3-4 min talk time

1-2 min hold time

Knowledge DB Systems Word Docs SupervisorOther Department

After call work

1-2 min

Provide advisors with support including:

answering their inquiries

providing procedural support

providing links to supporting documentation

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23

Virtual Advisor Assistant

Design a Cognitive Agent Assist POC (leveraging IBM Watson technology).

• 200+ of the most commonly seen topics

• 3 complex process flows related to

• Policyholder services

• Life Billing

• Policy Change

• New Business

Unique Intents

(Reasons for customer questions)

100s 100,000s

Fre

qu

en

cy o

f

Qu

estio

ns

Short TailMajority of Questions hit

small number of Intents

Long TailDifferent approach required when a large

number of possible answers exists

POC Sample Questions

• How do I reset my password?

• How do I process a Policy Adjustment?

• How do I change my clients address?

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24

Virtual Advisor AssistantWe envision ChatBots interacting and addressing questions from Advisors on frequently asked questions.

Cu

rre

nt

Advisor Call Centre Rep Authenticate Service Caller

3-4 min talk time

1-2 min hold time

Knowledge DB Systems Word Docs SupervisorOther Department

After call work

1-2 min

Futu

re

Advisor Watson Virtual Agent Authenticate

based on

Questions

Trained Corpus of

Questions & AnswersCall Centre Rep

Triage to

agent if

required

23/04/2019


25

Benefits Now Mobile App

The Co-operators Benefits Now® app allows plan members to submit and manage claims on the go.

No more scanning and attaching paperwork; simply snap a photo and upload it along with your claim if required. Even your pay-direct drug card can be found within the app.

If any claims require your attention after you’ve submitted them, you can respond at your convenience. You can also view your benefit maximums and how much coverage you have used at any time using Benefits Now®.

Benefits Now Video

23/04/2019

Driving Digital with our Main Stream Businesses

26

Rate of Adoption was measured against 2018

Initiatives and how many instances involved each

Reference Architecture, “Play” from the Digital

Playbook.

We moved digital to the forefront using a playbook where each “play”

increases our strategic agility and operational excellence. The digital

playbook gives us a common language, and consistency of technology

implementation for all the core digital capabilities through common

standards, specifications, patterns and proven high level “blueprints,”

helping us to truly put digital first.

28

25

22

1918

13

109

Security CX Cloud Services Data Analytics OperationalResiliency

IAM Mobile

Rate of Adoption

Address the whole

experience from start

to finish

Use data to drive

decisions

Scale agile by

decoupling monoliths(Network Zoning and

Secure Transmission)

Manage security and

privacy through reusable

processes

Deploy in flexible

hosting environments

Identify, Authenticate,

Authorize,

Personalize

Design for mobile

first

Client-facing

availability, reliability

and performance

Client Experience continues to be a strong focus in 2018,

showing alignment to the four year strategy with projects

such Advisor Assist Chatbot, Analytics for Client

Engagement, and increasing coverage of our online client

self serve offerings in Online Services and Direct to

Consumer products.

DIGITAL PLAYBOOK

Affective computing

Simulated Empathy

Computational Psychology

Machine Learning

Natural Language Processing

Enterprise Ontology

Predictive Analytics

Problem Management Analytics

Big Data

Monitoring

Data Cleansing

Data Integration

Robotic Process Automation

Optical Character Recognition

Intelligent Character

Recognition

Efficiency Focused

• Business process

Automation

• Automation Incident

Resolution

Reliability Focused

• Incident Elimination

• Predictive Maintenance

Experience Focused

• Agent Amplification

• Improved Customer

Experience

Cultural Focused

• Behavior Modification

DETERMINISTIC TASKS PREDICTIVE TASKS COGNITIVE TASKS SOCIAL TASKS

Relationship WorkerKnowledge WorkerKnowledge AssistedClerical

Spectrum of Work UnstructuredStructured

Automation Discovery Analytics Artificial Intelligence Social AI

28.8%

% OF EFFORTS

26.5% 25% 13.5% 6.7% 100%

Automation Across the Organization

0%

AUTOMATION SPECTRUM

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Going Forward

28

Select your balance and speed wisely

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Going Forward

29

HAVE A LANDING DOCK

23/04/2019

Thank You for Your Participation

30

International Cooperative and Mutual Insurance Federation

Tony D’AlessandroVice-President, Architecture, IT

Strategy & Applied Innovation

Moderator: Ben Telfer, Vice-President, Business Intelligence, ICMIF

@ICMIF_Web [email protected]

#ICMIFwebinar

The digital mutual: The Co-operators (Canada)

www.icmif.org/icmif-webinars

International Cooperative and Mutual Insurance Federation#ICMIFwebinar

Upcoming ICMIF webinars

Are insurers ready for

the new mobility

ecosystem?

25 April

Innovation @

Mobiliar

23 May

Creating value through

embedding sustainability

at The Co-operators

29 May

Episode 2, The Co-operators (Canada)

Documents

Transcript of Episode 2, The Co-operators (Canada)